Republican lawmakers are gearing up to extend key parts of former President Trump’s tax overhaul if they win control of Congress during the pivotal midterm elections.
With inflation running near the highest level in 40 years, Democrats are widely expected to lose their razor-thin majority in the House and possibly the Senate too in November.
Should the GOP regain control of both chambers of Congress, they have indicated that a top economic priority would be enshrining key parts of the 2017 Tax Cuts and Jobs Act into law. That $1.2 trillion tax overhaul – the largest since Ronald Reagan occupied the Oval Office _ slashed the top individual tax rate to 37% until 2025 and permanently cut the corporate tax rate from 35% to 21%.
House Minority Leader Kevin McCarthy confirmed during an interview with FOX Business’ Larry Kudlow on Tuesday that Republicans want to “lock in those tax cuts that we got, that we’ve got to pass in the next couple of years to make that happen as well.” Read more…